Pass FairTax: Deduction hurts housing prices

10:27 PM,
Apr. 23, 2013

Written by

Beverly Martin
Fulton

In the call for reduced government spending, the mortgage interest deduction has a target on its back.

At a cost of $90-108 billion annually, ("Tax Reform: Mortgage deduction is a non-starter," Merrill Goozner, The Fiscal Times, Sept. 14, 2012) who is benefiting?

Only one fourth of taxpayers filing returns claim the MID. A third of that money is claimed by people with annual incomes of $200,000 or more. Forty-two percent is claimed by those earning $100,000-$200,000 annually, and 4.3 percent is claimed by those earning less than $50,000. (Goozner). Those earning $200,000 or more saved ...